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Cap1 Charged Interest on $0 Balance

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Anonymous
Not applicable

Cap1 Charged Interest on $0 Balance

I went onto Cap1 this morning, to see if the magical credit steps increase had kicked in - no luck. However, I was surprised to find a $2.18 interest charge...I had a $0 balance! 

 

Billing Due Date is the 16th (nothing was due until March)

Billing Cycle end is the 19th

My statement was paid in full by Feb 15th.

 

The chat agent copy and pasted the card member agreement and told me "Please don't worry" and that the interest would come off in "1 to 2 billing cycles" and that I would not accrue more interest. He said it was calculated on average daily balance. So, basically I can't use my card unless I pay it off daily? His response "It happens sometimes." Um...what?

 

Anyone else have this issue? Should I be concerned?

Message 1 of 14
13 REPLIES 13
NRB525
Super Contributor

Re: Cap1 Charged Interest on $0 Balance

Lagging interest can be frustrating.

 

So let's recap your sequence of balances with CapOne over the last couple of months:

 

You had a balance on the statement that printed December 19, am I right?

 

That entire balance amount was not fully paid by the due date of the January 19 statement, which was probably a due date of January 16? So from the December 19 balance, you had something more than $1 that was not paid by January 16?

 

You've got new charges that were probably added between January 16 and February 14, but you have paid that all off, plus whatever the remainder was off that December 19 balance, unpaid as of January 16, now it is all paid to zero.

 

However, since the card was accruing interest, and had a balance for nearly the entire billing cycle, yeah, you got some lagging interest charges on the statement, since interest is not finally calculated in any one month until the statement date.

 

This is not wrong on Capital One's part. It is how interest is calculated.

 

Your next best action is to pay the $2.18 of interest now, today, immediately. That takes the step of re-zeroing your balance, and will make it a faster trip to "no interest cost" territory.

 

Going forward, no, you do not have to pay every day. What you do want to do is to make sure that the number you see as "remaining balance" printed on the statement, is the minimum amount you pay before the next payment due date. Otherwise, if you pay even $1 short from that prior statement balance, you will trigger the interest rate calculations on all new charges, plus the amount over $1 that was unpaid from that prior statement. And then you have to try to zero the statement out again, as you are doing now.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 14
MzOptimistic
Regular Contributor

Re: Cap1 Charged Interest on $0 Balance

That happened to me recently. Just call and they might waive the balance for you. Mine was I think $5.12.

CreditOne Platinum:$500/CreditOne American Express $500/Self Secured CC $575

Starting Scores in BK13: EX521,TU537,EX520
Current Scores as of April 2, 23: Waiting on Discharge: EX649,TU608,EX579
Goal Scores: EQ750,TU750,EX750


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Message 3 of 14
Anonymous
Not applicable

Re: Cap1 Charged Interest on $0 Balance

Thank you! Yes, that was spot on the sequence of events. I went to pay the $2.18 and the system won't let me and says I have a $0 balance and/or a credit. I'm all zeroed out and will remain so.

 

Thank you, again. 

 

In other news - the "luv" button worked after waiting 6 months from my first CLI. Now to just get my cellphone back working after a disastrous software update and my Saturday can continue!

Message 4 of 14
NRB525
Super Contributor

Re: Cap1 Charged Interest on $0 Balance

So they already credited you the interest. That's one of the nice things about Capital One, fast customer service.

 

Congratulations on the CLI! What was the old CL, what increase did you get?

 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 5 of 14
Anonymous
Not applicable

Re: Cap1 Charged Interest on $0 Balance


@NRB525 wrote:

So they already credited you the interest. That's one of the nice things about Capital One, fast customer service.

 

Congratulations on the CLI! What was the old CL, what increase did you get?

 


My balance still shows $2.18, but the system won't allow me to pay it, so I would say it has been credited. If that changes in the next day or 2 (and I watch it like a hawk) I will just pay it. 

 

It's the Cap1 Platinum and started at $300 in Dec 2014, this was my second increase and I went from $500 to $1500. I considered declining and trying again in a couple of weeks, but I have no reason to believe I'll be offered more. I also have the QS1 and will request an increase before its first 6 months step.

 

Thanks for the well wishes!

Message 6 of 14
Anonymous
Not applicable

Re: Cap1 Charged Interest on $0 Balance

Remember you can always force a payment from your bank acct, as long as you don't mind potentially having a credit to your acct.
Message 7 of 14
NRB525
Super Contributor

Re: Cap1 Charged Interest on $0 Balance


@Anonymous wrote:
Remember you can always force a payment from your bank acct, as long as you don't mind potentially having a credit to your acct.

True, but for $2.18 ?   Smiley Wink

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 8 of 14
Anonymous
Not applicable

Re: Cap1 Charged Interest on $0 Balance


@NRB525 wrote:

@Anonymous wrote:
Remember you can always force a payment from your bank acct, as long as you don't mind potentially having a credit to your acct.

True, but for $2.18 ?   Smiley Wink


Both are true. I have a $13 charge pending, so I just may do that. I have a few bucks pending on the QS1...good info for when I am feeling antsy about getting back to zero.

Message 9 of 14
Anonymous
Not applicable

Re: Cap1 Charged Interest on $0 Balance

Make them work for it..haha. 😉
Message 10 of 14
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